BRADENTON, Fla.--(BUSINESS WIRE)--As First Titan Corp. (OTCBB: FTTN) works to help increase U.S. oil production, International Monetary Fund Managing Director Christine Lagarde warned Tuesday that the global supply squeeze could threaten recovery of a fragile global economy.
Last year's crisis in Libya already squeezed the global oil supply, and mounting tensions between the West and Iran could further add to supply shocks and drive prices higher. Oil prices have risen about 17 percent so far this year.
Lagarde cautioned that prices could jump 20-30 percent if Iran's crude exports drop sharply. Such disruptions in oil output could likely have "serious consequences" for the world economy, she said in a news conference.
FTTN is working to help insulate the U.S. and its allies from supply shocks by exploring and developing new resources on American soil. In recent weeks, the company has acquired working interests in three new wells being prepped for drilling in West Texas, Louisiana and Alabama.
Thanks to rising demand, spiraling prices and advances in technology, drilling for oil in the U.S. is now potentially more lucrative than it has been in decades. FTTN continues to target new resources for development in order to capitalize on current market conditions.
For more information on FTTN’s drilling initiative, please visit www.firsttitanenergy.com/investors.
First Titan is working to develop new energy solutions to compete in a booming global industry alongside Chesapeake Energy Corp. (NYSE: CHK), Anadarko Petroleum Corp. (NYSE: APC), SandRidge Energy Inc. (NYSE: SD) and Apache Corp. (NYSE: APA).
About First Titan Corp.
First Titan Corp., through its wholly owned subsidiary, First Titan Energy, LLC, is committed to the exploration and development of oil and natural gas resources around the globe. The company continually seeks to partner with energy developers that are pursuing innovative new methods of oil and gas extraction, including the development of new technologies, cleaner methods and unconventional resources.
For more information about First Titan Energy, please visit www.firsttitanenergy.com. Follow us on Twitter at www.twitter.com/firsttitancorp.
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